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Father’s Day Spending to Reach $22.4 Billion, Says NRF Survey June 07, 2024 (0 comments)

Washington, WA--Father's Day spending is projected to total $22.4 billion this year, according to a survey by the National Retail Federation (NRF) and Prosper Insights & Analytics. This estimate is slightly below last year's record of $22.9 billion.

[Image via Andrii Lysenko/istock.com]

 "Father's Day is an opportunity to celebrate our fathers and paternal role models who have played such a positive role in our lives," NRF President and CEO Matthew Shay said in a news release. "There is no doubt that retailers have the perfect gift consumers want to purchase for the men they wish to recognize on this special day." 

Half the consumers plan to buy a gift for a father or stepfather. Other recipients include husbands (26%), sons (10%), brothers (8%), friends (8%), and grandfathers (6%).

NRF said in the release that around three-quarters of consumers intend to celebrate Father's Day this June. On average, shoppers plan to spend $189.81 on gifts and celebrations, slightly less than last year's record of $196.23. The highest spending demographic is consumers aged 25-34, who plan to spend an average of $275.67.

[Graph and data via NRF]

Greeting cards are the most popular Father's Day gifts, with 58% of shoppers planning to buy one. Other popular gifts include clothing (54%), special outings (52%), gift cards (48%), and personal care items (31%).

Prosper Executive Vice President of Strategy Phil Rist noted in the release that spending on these gift categories remains significantly above pre-pandemic levels, with increases in clothing, personal care, tools and appliances, electronics, home improvement items, gift cards, and special outings since 2019.

Additionally, 27% of Father's Day shoppers plan to give an experience gift, such as tickets to a sporting event or concert, down slightly from 29% last year. Interest in gifting product subscription boxes has risen to 42%, up from 34% in 2019.

When choosing Father's Day gifts, 47% of consumers prioritize finding a unique gift, while 39% aim for a gift that creates a special memory.

The release also added that online shopping is the most popular method for purchasing Father's Day gifts, with 42% of consumers opting for this route. Other shopping destinations include department stores (38%), discount stores (24%), specialty stores (22%), and local/small businesses (19%).

The survey, conducted between May 1 and 8, included 8,580 consumers and has a margin of error of plus or minus 1.1 percentage points.

Read the original news release by NRF.